Is Madoff Looking to Make a Deal?

The NY Times reports that since a federal magistrate decided not to revoke financial scammer Bernard Madoff's bail—in spite of suspicious actions like mailing $1 million+ in jewelry out and those millions in checks for friends, family and others—"signs emerged that his lawyer was actively negotiating a plea agreement that could conclude the baffling fraud case without a trial." Well, of course, can you imagine Madoff going through a trial? Still, the U.S. Attorney's office is planning on appealing the ruling. Palm Beach social scene observer Laurence Leamer writes in the Huffington Post, "Madoff must live the rest of his life knowing that at any moment he may die" what with the unhappy Russians and Colombian drug lords; Clusterstock adds, "it's a testament to the strength of our civilization that Madoff is still alive. We wouldn't be surprised, however, if there are people preparing to test that strength at this very moment."

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By Jen Chung in News on January 13, 2009 12:50 PM

Comments [rss]

smacky

Test the strength, test the strength!

If I went out and shoplifted right now and got arrested. I would be on my way to Rikers as a first time offender. Pretty weak law we got here.

Papercutninja

I'm with Qraymond about the reasoning for the non-denial of bail. Being in jail before and during your trial isn't punishment, it's to ensure that the defendant goes to trial.

Having said that. Why not just toss him in there with all the bad motherfuckers? Teach him a thing or two about the real world and what happens when you fuck people over.

Even if he goes to jail for life, he still gets to live his life. There are people who are RUINED. he'll never be homeless, he'll never be poor. He'll still win in the end unless someone kills him.

Qraymond

"Anyway, it's obvious to me he also has a few judges on the payroll considering the deferential treatment he is getting."

This is a ridiculous, groundless statement. I despise this guy, but you really need to respect the rule of law in this case. The judge happens to be someone I've know for over 15 years, and is a person that I trust a lot more to make a sound judgment than you clowns.

The primary reason to deny bail is flight risk. This guy has a mob of reporters camped out on his doorstep, and probably quite a few Feds too. He's not going anywhere.

I will say though that if he gets off with anything less than life in jail, I will be disappointed.

Rocknrope

C'mon. If there's anyone in the world who's a flight risk, it's a billionaire who may have cash hoarded in overseas accounts around the world. Having "the media" camped out on his doorstep is not a sufficient reason not to remand him into custody. Did he even surrender his passport?

He's already shown disrespect to the court by trying to mail over 1MM dollars in gold and jewels for Christ's sake. What more do you need him to do, piss on the arrest warrant?

matty

I don't think Mr. Mel's assesment of this situation could be more wrong.

books

you're wrong - he has a 55 foot yacht, a hamptons home, a florida mansion and 2 private planes on call

http://money.cnn.com/galleries/2008/fortune/0812/gallery.madoff_fortune.fortune/

Mr Mel

I was wrong about the yacht but right about the airplanes. The money is out there. He's 70 years old and if he doesn't cooperate he'll die in jail. He'll make any deal he can.

Mr Mel

The deal he is going to make is about where the money is. It's got to be someplace. His lifestyle by most standards was luxurious but not as opulent as some. His $7million residence is just another Park or Fifth Avenue pad. There was no mention of any super yacht or private jet. They will threaten putting his wife and sons and possibly their wives in jail as accessories. At one point he'll cave, they'll find billions and the victims will be lucky to get a nickel on the dollar. The lawyers will come out OK.

Ace

One might believe that the judge ruled not to revoke bail because Madoff would be more inclined to cooperate in recovering some of the funds if he is free. Let him go to jail. I am sure he'll cooperate more if he's behind bars.

woodendesigner

This deal would be a load of crap. He ruined a lot of lives. Why reward him. Drag him out of his home and sell it, sell everything he owns and put him away. What a total joke. The judge should be ashamed of himself.

ides_of_march

As far as I know, Madoff chose his victims carefully. Most were wimpy liberal Jewish people from Florida. I seriously doubt he was dumb enough to rip-off any Russian mobsters or Colombian drug lords. The people he scammed probably look more like Woody Allen than Scarface.

Anyway, it's obvious to me he also has a few judges on the payroll considering the deferential treatment he is getting.

chuzzlewit

as far as you know lol

longacre

"You fuckin put my money to sleep. You go get my money or I'll put your fuckin brain to sleep." –Nicky Santoro (Joe Pesci), Casino

Rocknrope

Madoff must live the rest of his life knowing that at any moment he may die"

We all die. More appropriately, Madoff must live the rest of his life knowing that at any moment he may be murdered in the most painful and unpleasant ways known to man.

i.e. http://en.wikipedia.org/wiki/Columbian_necktie